Kakao merges two arms to launch Kakao Entertainment
Kakao, the company behind Korea’s most popular messaging app KakaoTalk, announced Monday the launch of Kakao Entertainment following the merger of its two subsidiaries Kakao M and Kakao Page.
The process of binding mobile-based web comic platform Kakao Page and entertainment firm Kakao M is set to be completed by March 1.
The largest scale reorganization at Kakao, the deal is subject to a final approval at a board meeting on Tuesday.
Kakao Page currently holds intellectual property rights for around 8,500 stories. The company also operates its platform in Japan, with an aim of launching it in North America, China and Southeast Asia.
Kakao M has seven talent agencies and four record labels, in addition to music and concert production houses.
Kakao expects annual sales of more than 1 trillion won ($906 million) from the merger, it said.
By Shim Woo-hyun (firstname.lastname@example.org)
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